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Artificial intelligence has been heralded as a "game-changer" over the past few years, and the Singapore Monetary Authority is hoping it will be a "game-changer" for the country's financial services industry as well.
The country's central bank is teaming up with banks, tech companies, and more to create an AI risk framework to help firms navigate the ever-evolving world of financial technology, the New York Times reports.
"The rapid adoption of advancements and innovation in Singapore has spurred the adoption of AI, utilizing real-time insights to achieve superior outcomes, increased profits, and a competitive edge," the Monetary Authority of Singapore said in a statement.
But the integration of AI into the financial services industry, which handles sensitive financial information, "raises complex issues concerning the security and privacy of data," the authority says.
"This necessitates continuous investment in security, and implementation of rigorous data protection protocols, and strict adherence to regulatory standards, particularly in light of AI's inherent challenge in the realm of operational resilience and environmental risks, enhance the long-term economic stability and regulatory compliance," the statement adds.
The Times notes that the Singapore project is just the latest effort by the country's central bank to encourage use of AI in the financial services industry,
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